September 12, 2019 by Amanpreet
LED light, a semiconductor, releases light energy when it is activated. Compared to halogen, or, xenon light, LED lights are more durable, power saving, and efficient. LED lights offer various advantages compared to other lights, such as less CO2 emission, and long-lasting life. Automotive LED lights form an imperative part of modern automobiles. An electric voltage supplied to p & n junction of an LED via leads brings electrons together, resulting into release of light of energy.
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Automotive LED lights market has been driven by traditional use of these lights as back lights, however they were gradually adopted for headlights over halogen, and xenon light, on the back of their power efficiency and better lighting system. Automotive LED light market continues to gain ground with their increasing preference in vehicles. Growth of the automotive LED light market is further influenced by the auto manufacturers’ focus on the customer comfort and safety, with the rise in production of electric and hybrid vehicles equipped with LED lights.
For effectively differentiating from leaders, and gaining additional share in automotive LED light market, the manufacturers are mainly concentrating on innovative developments, and cost-effective solutions. Potential for automotive LED light market growth will further extend, with improved LED modules, and introduction of new technologies such as organic LEDs (OLEDs) that produce homogenous light. Osram, one of the leading market players, recently made an announcement of its flexible OLED lighting systems for vehicles. These factors will influence growth of the automotive LED light market.
Robust expansion of the automotive sector, coupled with soaring sales of lightweight vehicles, rising focus on energy efficiency, and stringent government policies & regulations concerning utilization of halogen and xenon automotive lights has also fuelled expansion of the automotive LED light market. However, high cost remains a major restraint for automotive LED light market growth, such as their application in headlamps. Currently, the high prices of automotive LED lights affects their aftermarket sales, especially across developing economies including India, China, and South Africa.
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Automotive LED lights are expected to find the largest application in headlamps of vehicles, with sales poised to exceed US$ 1,000 Mn in revenues by 2022-end. Brake lights are expected to be the second most lucrative application in the automotive LED light market. In addition, automotive LED light sales for application in brake lights and sidelights are projected to register a parallel expansion at 8.7% CAGR through 2022.
Although aftermarket will continue to be the largest sales channel in the automotive LED light market, sales in OEM are anticipated to exhibit a comparatively higher CAGR through 2022. Sales of automotive LED lights in aftermarket will account for over three-fourth revenue share of the market throughout the forecast period.
Accounting for over one-third share of the automotive LED light market, Asia-Pacific excluding Japan (APEJ) will continue to be the most attractive region in the automotive LED light market, in terms of revenues. Europe is expected to be the second most lucrative region in the automotive LED light market, with sales expanding at a CAGR of 8.5% through 2022.
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